Hard fork policy of LiteBit

Bas

July 30, 2018 13:51

Updated

In the cryptocurrency world a hard fork is happening almost on a weekly basis. Due to the increasing rise of hard forks it is not possible for LiteBit to add all these new cryptocurrencies, because of multiple reasons:

Software of new cryptocurrency is not mature enough

Developers behind cryptocurrency has not the right intent (pre-mining a large percentage before releasing the software for example)

No replay protection (transactions can be resent)

Market too small to trade

In many cases the moment a hard fork occurs it is not sure what the situation will be due the reasons stated above. As such LiteBit cannot give a statement about participation of the hard fork beforehand.

Own your own private key

Due to all the reasons state above LiteBit recommends to store the cryptocurrencies on your own wallet for which you own your private key.

This can be a hardware wallet like the Nano Ledger S or Trezor, a desktop client or a mobile application which gives you a private key.